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SunGard Financial Systems reports that the Faisal Islamic Bank of Egypt has picked its suite of enterprise risk management solutions, to help the bank build a new operational framework for risk exposure, reporting and Basel compliance.
Faisal Islamic Bank is an active participant in the country’s development projects and a leading player in the Egyptian banking sector, according to SunGard, which also notes that the bank is Egypt’s first Islamic bank.
“The bank plans to centralize all of its risk activities using the SunGard solution suite,” the company says. “Automating and centralizing its manual risk management processes will help the bank increase risk exposure transparency and reduce reporting time. The bank will also benefit from the solutions’ best practice, out-of-the-box risk reporting and monitoring to help improve balance sheet management and drive value from more sophisticated, forward looking analysis. The bank will also leverage the suite for improved Basel compliance.”
In a prepared statement, Faisal Islamic Bank’s Mohammed Abdulalim, sector head of risk management, says that SunGard’s presence in the Middle East and experience in Islamic Finance “will be key to helping us improve our risk management practices, particularly with the automated measurement of regulatory capital for Basel compliance in credit, market and operational risk.”
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